Digital Learning Start-up, KopyKitab raises funding
Bangalore: Bangalore-based digital learning Ed-Tech startup KopyKitab has raised an undisclosed amount from ace investors. The company founded by Sumeet Verma and Amit Shrivastava, has raised this fresh round from a clutch of well-known Institutional & angel investors like Pacatolus ( Singapore), Stanford Angels (led by Paula Mariwala), and ace investors like Praveen Gandhi, Jeenendra Bhandari, Mohit Dubey and Manoj Mehta.
KopyKitab, India’s leading digital learning platform is the one-stop destination for higher education students, offering full-stack solutions for personalised learnings.
The platform focus & caters to all higher education needs – coursework and competitive exams (with a user base of 5 million and 6 million app downloads with additional presence in 400+ campuses) , has witnessed a growth rate of close to 200% over the last 6-7 months. With its ability to specifically cater to the needs of the students, KopyKitab has been able to position itself as a market leader in the Higher education vertical and has been growing many folds.
Sumeet Verma, CEO & Co-founder, KopyKitab, says “There are 40K Institutes in India with 60% plus gap in quality faculty & curated content in a highly scattered market. KopyKitab has witnessed a massive growth, with changing consumer behaviours due to the Pandemic and with 68% of the traffic coming from Tier II and Tier III towns validates our business model. Our aim is to address the underserved market of higher education. As one size does not fit all, higher education is very regional and run on a push from its users (6Mn organic App downloads validates it). Every student from a different institute and region has a different way of studying and this is what KopyKitab continues to address. It helps students to manage their whole learning cycle right from all the formats of curated content i.e. books, notes, assessments etc to the tutorials in 7 different languages. We have evolved as one stop destination for higher education students. We believe this support from our investors will help strengthen our performance metrics further and reach our target of 10 Million users by the year end.”
As major investments are not going towards customer acquisitions, the funds raised will be used for growing the technology for revolutionising tutorials along with building an ecosystem in the Higher Education vertical.
Praveen Gandhi says, “We believe in the model of KopyKitab and that’s why we have backed the team from their early days. Unlike other Ed-tech players, KopyKitab focuses on demands from the students’ side and works to give them what they need to further excel in their studies & outcomes. That makes them a very student centric platform. The way it has created an ecosystem with the top publishers in the country, no other company has reached that trust level with the IP holders, gained deep insights about the market faster. While the COVID-19 situation spelt bad news for the economy, it turned around the Ed-tech space drastically. Given that, we see KopyKitab has created very strong moats & emerging as one of the most formidable names in the Ed-tech space, we decided to provide them with additional funds to help them achieve even bigger milestones as they get ready for a bigger round.”
KopyKitab has witnessed massive growth in its platform as education moved online since March. The MAU and paid users have grown 3x. The minimum average reading time on the platform is now 25 minutes per session with 80% repeat traffic has made it one of the most successful Ed-tech startup in India today. The additional funds raised will be used to further solidify their market leader position in the higher education vertical.
KopyKitab covers a base of 8% of the addressable market so far and aims to double it by the end of 2020. Kopykitab continues to offer its services amidst the COVID-19 pandemic through P2P (Peer to Peer) with structured learning options & Video Connectivity. From teacher to students, coach to the students or even content publishers to students and has created a highly optimised and beneficial learning environment for its learners.